| A | B |
|---|
| TAX | is the amount levied by the government on individuals and employers. |
| PAYROLL | is the list of employees and the payments due to each one for a specific pay period. |
| PAY PERIOD | is the amount of time over which an employee is paid, such as weekly, biweekly. |
| PAYROLL CLERK | is a person who is responsible for preparing the payroll. |
| GROSS EARNINGS | is the total amount of money an employee earns in a pay period. |
| SALARY | is a fixed amount of money paid to an employee for each pay period. |
| WAGE | is an amount of money paid to an employee at a specified rate per hour worked. |
| TIME CARD | is a record of the times an employee arrives and leaves work each day. |
| ELECTRONIC BADGE READER | is an identification badge with a magnetic strip that contains employee information used to record starting and ending work hours. |
| COMMISSION | is an amount paid to an employee based on a percentage of the employee's sales. |
| OVERTIME RATE SET BY THE FAIR LABOR STANDARDS ACT OF 1938 | is 1 1/2 (1.5) times the employee's regular hourly pay rate. |
| DEDUCTION | is an amount that is subtracted from gross earning. |
| EMPLOYEE'S WITHHOLDING ALLOWANCE CERTIFICATE(FORM W-4) | is an employee's withholding allowance certificate that shows the number of allowances claimed for federal and state income taxes. |
| EMPLOYER'S FEDERAL TAX TABLE ( TAX TABLE) | shows the amount of taxes to be withheld from employee's each pay period based on their filing status, such as single, married, etc. |
| FEDERAL INCOME TAX | is a tax levied by the federal government and withheld from your pay each pay period. |
| STATE INCOME TAX | is a tax levied by state government and withheld from your pay each pay period. |
| SOCIAL SECURITY TAX (FICA) | is a tax levied against employee's and is withheld from your pay each pay period. These funds primarily to fund the old age and disability insurance programs, survivor's benefits programs and Medicare programs. |
| MEDICARE TAX | a tax levied by the federal government health insurance benfits for the elderly. |
| 401 (K) PLAN | is a personal employee retirement pla, which is exempted from taxes on earings. |
| PAYROLL REGISTER | is a form that summarizes information about employees earnings for each pay period. |
| NET PAY | is the amount left after total deductions are subtracted from gross earnings. |
| DIRECT DESPOSIT | is when the employer deposits the employee's check into his or her personal banking account. |
| EMPLOYEE'S EARNING | is a record containing all of the payroll information related to an employee |
| ACCUMULATED EARNING | are the employee's year-to-date gross earnings, or the employee's gross earnings from the beginning of the year through the end of each pay period. |
| FORM W2 | is a form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amount the employer withheld for taxes. |
| FEDERAL UNEMPLOYMENT TAX ACTS(FUTA OR STATE UNEMPLOYMENT TAX (SUTA) | is a percentage of employees gross earning paid by employers for unemployment. |
| FEDERAL TAX DEPOSIT COUPON (FORM8109) | is a form prepared by the employer to send in FICA and federal income taxes to the federal government. |
| ELECTRONIC FEDERAL TAX PAYMENT SYSTEM (EFTPS) | is a means of transferring federal taxes electronically to the U.S GOVERNMENT. |
| FORM 940 | is used to report the employer's unemployment ( state and federal) taxes. |
| FORM 941 | is a form used by the employer to report quarterly taxes consisting of both FICA and federal. |
